Section 171 in The Orissa Municipal Corporation Act, 2003
171. Investment of amount at the credit of Sinking Fund.
(1)All moneys paid into a Sinking Fund shall, as soon as possible, be invested by the Standing Committee for Taxation, Finance and Accounts in -(a)Government securities; or(b)securities guaranteed by the Central Government or any State Government; or(c)debentures issued by the Corporation; or(d)such other public securities as may be approved by the State Government.and shall be held by the Corporation for the purpose of repaying, from time to time, the loans raised by it by the issued of debentures or otherwise.(2)All dividends and other sums received in respect of any investment under Sub-section (1) shall, as soon as possible after their receipt, be paid into the Sinking Fund and shall be invested in the manner laid down in that Sub-section.(3)Moneys standing at the credit of two or more Sinking Funds, may at the discretion of the Standing Committee for Taxation, Finance and Accounts be invested together as a common fund, and it shall not be necessary for the said Committee to allocate the securities held in such investments to the several Sinking Funds.(4)Subject to the provisions of Sub-section (1), any investment made under this Section may, from time to time, be varied or transposed.
